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Federal Financial Agencies Lack Workforce Diversity: Report

A A Democratic Financial Services Committee report released Thursday reveals federal financial services agencies have yet to reflect the racial and ethnic diversity of the American population in their workforces. report released Thursday reveals federal financial services agencies have yet to reflect the racial and ethnic diversity of the American population in their workforces.

The report, released during a press conference led by Rep. Maxine Waters (D-Calif.), states racial and ethnic minorities and women are underrepresented in senior-management positions when compared to overall representation within the agencies’ workforces.

The report also states that African-American employees across the agencies generally received lower performance management review scores than white employees.

“I am disappointed to find that — more than five years after the enactment of the Housing and Economic Recovery Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, that included provisions intended to promote workforce and supplier diversity and inclusion — the federal financial services agencies have largely failed to improve on these critical matters,” Waters said. “As communities of color continue to face an insurmountable wealth gap, and as African-American unemployment remains stagnant at 9.2 percent, our nation cannot afford to have a federal government that is out of touch with the needs of racial and ethnic minorities and women and their daily financial challenges.

“As this country’s population is increasingly becoming more racially and ethnically diverse, it is well past time for these agencies to move beyond paying lip service to diversity efforts and instead fully embrace diversity and inclusion policies and practices as vital to achieving their missions by adopting the sensible recommendations included in the staff report,” she said.

Congressional Black Caucus Chairman G. K. Butterfield (D-N.C.) said the “gross underrepresentation” of minorities is “alarming.”

“Diversity in the workplace is one of the CBC’s cornerstone issues,” he said. “We have focused on a number of American corporations and government agencies to determine whether they are making a serious effort to increase diversity and invest in underserved communities. As revealed in the Committee on Financial Services staff report, many of these agencies have thus far failed in making a concerted effort to grow the diversity of their workforces.”

Senior Democratic members in attendance at the press conference included Butterfield, Congressional Asian Pacific American Caucus Chair Judy Chu (Calif.), Reps. Norma Torres (Calif.) of the Congressional Hispanic Caucus and Al Green (Texas), ranking member of the Housing and Economic Recovery Act.

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